BOSTON, June 5, 2012 /PRNewswire/ -- Block & Leviton LLP ( blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Central European Distribution Corp. ("CEDC" or the "Company") (NASDAQ: CEDC). After trading closed on June 4, 2012, CEDC announced that it is restating its financial results for the period January 1, 2010 through present. The Company also reported that it is investigating whether any adjustments would be needed for the year ended December 31, 2009. According to the Company, reported net sales in the years ended December 31, 2010 and 2011 failed to accurately reflect full amount of retroactive trade rebates provided to the customers of the CEDC's main subsidiary. The adjustments identified to date will result in a reduction of approximately $30 to $40 million in the Company's consolidated net sales, operating profit and related accounts receivable for the period January 1, 2010 through December 31, 2011. The company's stock price has dropped approximately 10% on this news. Block & Leviton's investigation seeks to determine, among other things, whether CEDC or its officers and directors have violated the Securities Exchange Act of 1934 or any other federal securities laws. If you have any information relevant to this investigation, or if you purchased CEDC stock between January 1, 2009 and June 5, 2012 and have questions about your legal rights, please contact Block & Leviton LLP. Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
Central European Distribution (Nasdaq:CEDC) hit a new 52-week low Thursday as it is currently trading at $2.73, below its previous 52-week low of $2.75 with 347,910 shares traded as of 11 a.m. ET. Average volume has been 915,600 shares over the past 30 days.